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Just filed on 3/7 and I have several questions..

jjb0894
Regular Contributor

Re: Just filed on 3/7 and I have several questions..

From what I’ve seen, credit bureaus update your credit report with your bankruptcy filing the day after you file because it’s a public record and it immediately has an impact on your credit.
Yes, a change that drastic is normal but it will probably recover a little of that back when your credit report starts reporting your discharge.
Credit Obtained Since Discharge



Capital One Platinum MasterCard, $600 Credit Limit.




Indigo Platinum MasterCard, $300 Credit Limit




Chapter 7 Discharge: March 13, 2019


Home Loan: $120,000 30 YR Fixed VA Loan @ 3% APR
Home loan through Guild Mortgage
Message 11 of 14
RollTide81
New Contributor

Re: Just filed on 3/7 and I have several questions..


@mnkys_on_tst wrote:

I just had my 341 meeting last Friday. I indicated on my petition that I was planning to re-affirm my auto lease, and because of that, it did continue to autopay. However, I was still able to access that account online, until AFTER my 341, then it was suddenly locked out and in "special status." I called them and they confirmed that my lease was re-affirmed and would continue to be auto-billed, but that my online access to the account wouldn't resume and it wouldn't report until after my discharge.

 

Re: credit score dropping...mine did drop right away, but it has gone back up something like 80 points as my accounts started closing and my credit to debt ratio shrunk. Now that all of my accounts are showing closed, it dropped back a little bit, since the age of credit is now non-existent. Less than a week out from my 341 meeting, and my scores have settled between 650-670.


Thanks so much.

Message 12 of 14
jjb0894
Regular Contributor

Re: Just filed on 3/7 and I have several questions..

And keep in mind, if you’ve had some of these accounts for a long time, bankruptcy effectively resets your age of credit to zero essentially and that can have a huge impact on your score.
Credit Obtained Since Discharge



Capital One Platinum MasterCard, $600 Credit Limit.




Indigo Platinum MasterCard, $300 Credit Limit




Chapter 7 Discharge: March 13, 2019


Home Loan: $120,000 30 YR Fixed VA Loan @ 3% APR
Home loan through Guild Mortgage
Message 13 of 14
RollTide81
New Contributor

Re: Just filed on 3/7 and I have several questions..


@jjb0894 wrote:
And keep in mind, if you’ve had some of these accounts for a long time, bankruptcy effectively resets your age of credit to zero essentially and that can have a huge impact on your score.

Oh true!! Yes we have had some a very long time. 

Message 14 of 14
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